Cyber Insurance

Qualify for Insurance and Reduce Risk

Cyber Insurance

Qualify for Insurance and Reduce Risk

Do you need cyber insurance?

Think of IT Insurance as your safety net. Ideally, you should have solid IT and cybersecurity protections to ward off breaches and prevent a ransomware attack. However, no method guarantees absolute security. Insurance steps in when all else fails, cushioning the blow of a successful cyber-attack on your operations.

Consider these statistics:

• 76% of SMBs were impacted by at least one cybersecurity attack in 2022, a significant rise from 55% in 2020.

• 43% of cyber-attacks target small and medium-sized businesses (SMBs).

• Nearly 40% of small businesses report data loss due to a cyberattack, leading to substantial disruption and financial loss.

• Of small businesses, 37% suffer financial loss, 25% file for bankruptcy, and over 9.7% go out of business.

• 83% of SMBs are unprepared to recover from the financial damages of a cyber attack.

• Over 89% of businesses with insurance state it covered their losses—and 87% were pleased they had it.

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Cyber Insurance

Interested in learning more about how Insurance can protect your business?

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So how do you Protect your business?

Although robust IT security should be your first line of defense, My Tampa IT also recommends cyber insurance.

The benefits of Insurance include:

  • Enhanced Protection:
    Insurance adds another layer of protection, ensuring coverage during unfortunate cyber incidents, despite the best cybersecurity measures.

  • Investigation & Resolution:
    It covers the cost of specialized services required after a cyber breach.

  • Data Recovery:
    It compensates for the costs of retrieving lost data post-cyberattack.

  • Third-Party Damages:
    It provides coverage for potential lawsuits following a network breach that affects a third party.

  • System Restoration or Replacement:
    In case of system compromise, the policy can cover expenses associated with restoration or replacement, enabling swift business recovery.

  • Lost Revenue Compensation:
    If a cyber incident causes business downtime, your policy can cover revenue lost during this period.

  • Liability & Defense Legal Fees:
    It includes coverage for legal defense costs and settlements due to data breaches.

  • Reputation Management Support:
    Insurance for cyber attacks can help manage the reputational damage resulting from a data breach.

How can My Tampa IT assist with your cyber insurance needs?

Consultation

Navigating the evolving cyber insurance landscape, with its stringent qualification requirements, can be challenging for SMBs. As your trusted partner, My Tampa IT can guide you, recommending credible insurance partners and helping you meet cyber insurance criteria.

Application Assistance

We’re here to help you accurately fill out the complex applications laden with technical questions. Accuracy is critical to successful claim processing.

Approval Assistance

Eligibility for insurance requires adequate cybersecurity measures. My Tampa IT helps you implement essential solutions such as multi-factor authentication, endpoint protection, patch management, and email filtering.

Better Pricing Assistance

Our cybersecurity services help you achieve the level of security required to qualify for a reasonably priced, good-quality cyber insurance policy.
Remember, while cyber insurance provides strong protection, it is meant to complement – not replace – a comprehensive cybersecurity strategy. Let us help you design and implement a robust cybersecurity plan that suits your business needs